PTC (PTC) Initiated with a Buy at Rosenblatt Securities
Rosenblatt Securities analyst Blair Abernethy initiated coverage with a Buy rating on PTC (PTC) today and set a price target of $157.00. The company’s shares closed last Monday at $132.57.
According to TipRanks.com, Abernethy is a 4-star analyst with an average return of 10.1% and a 65.4% success rate. Abernethy covers the Technology sector, focusing on stocks such as Sumo Logic, Dynatrace, and Snowflake.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for PTC with a $164.29 average price target, which is a 21.8% upside from current levels. In a report issued on May 24, Stifel Nicolaus also initiated coverage with a Buy rating on the stock with a $160.00 price target.
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Based on PTC’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $462 million and net profit of $109 million. In comparison, last year the company earned revenue of $360 million and had a net profit of $7.16 million.
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PTC, Inc. engages in the development and provision of software-based product management and development solutions. It operates through the Software products and Professional Services segments. The Software Products segment includes license, subscription and related support revenue for its products. The Professional Services segment consists of consulting, implementation and training services. The company was founded in 1985 and is headquartered in Boston, MA.